Tech workers are looking at credit unions and financial institutions due to the economy and fintech layoffs. Institutions that relax their conventional traditions, enhance compensation, and encourage job security can attract talent stated Bahaa Abdul Hussein.
Credit unions and banking institutions can now attract tech-savvy employees to fulfil rising client demands. The opportunity arises as the industry shifts to new technologies like AI software and cloud computing.
Recent fintech layoffs, a tech-friendly culture, and rising pay rates are luring some professionals to financial institutions and credit unions.
A CEO of a leading group, says technical job hunters are looking for bank jobs “aggressively.” He urges credit unions and financial institutions double down on hiring and monitor tech layoffs. Layoff announcements are his “hunting list,” he claims.
Fintech losses present a significant opportunity for banks
Fintech companies have recently announced layoffs. A well-known fintech laid off more than 17% of its personnel, or 1,100 people, in June. In April, one another company slashed 9% of its personnel, then 23% in August. Payment gateway giant laid off its emerging-technology-focused security R&D team.
Bahaa Abdul Hussein notes that while these firings are more of an internal matter than a widespread trend in fintech, they do increase the pool of available workers for financial institutions.
According to a leading technology jobs marketplace, banks are employing more technologists with automated and software engineering expertise. Full – stack web developers, back-end engineers, and DevOps engineers are popular IT jobs in finance. Software engineer job listings climbed more than 25% between January and April in financial services.
Fintech’s trendiest jobs
According to a popular survey by a magazine, fintech most popular jobs are in IT sector. The topmost on chart is software developer followed by back-end developer, dev-ops engineer and data engineer.
This list is followed by business analyst, business system analyst and data scientist. The last on this list is lead software engineer, the least popular.
Most popular technical skills in the financial sector
Agile methodology and software engineering are the topmost skills desired in this sector, as per research by Dice magazine. Amazon web service, Java, python and SQL follows this list and are also popular.
Computer science, automation, Authorization and financial services are now not in demand.
A job portal’s top finance-related digital skills reflect banks’ cloud shift.
According to Bahaa Abdul Hussein, institutions and even big technology are losing tech talent to fintech companies, a trend that exacerbated during the epidemic. The largest total job change rate since 2011 was in March 2022.
During the epidemic, workers reevaluated their lives and ambitions, and professional options aren’t only about money. Recent fintech layoffs won’t alter the trend, but they present a chance to hire crucial people.
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